SEC probing Polaris Capital after surprise receivership
Play
The Securities and Exchange Commission (SEC) is investigating Polaris Capital after the listed company received an order from the Central Bankruptcy Court on August 3 to enter receivership, deputy secretary-general Prakid Punyashthiti said on Monday.
The SEC is investigating the matter as the company received the court’s bankruptcy order without having notified the stock-exchange authorities of its intention to enter receivership, which is a move affecting all Polaris Capital shareholders, he explained.
The company had also failed to provide more information about its financial results for 2016 despite the regulator’s request that it do so early this year, he added.
“We are investigating the company and will take legal action [as necessary]. When we have more information, we will disclose it to the public as soon as possible,” Prakid said.
